David Friedman
27 Oct 2021 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, constitutional political economy, David Friedman, economics of crime, financial economics, law and economics, property rights
Lecture 5: Firm-level misallocation: benchmark model and early results
27 Oct 2021 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, development economics, economic growth, economic history, entrepreneurship, growth disasters, growth miracles, human capital, industrial organisation, labour economics, labour supply, macroeconomics, occupational choice, survivor principle
Gary Becker, August 5, 2003
27 Oct 2021 Leave a comment
in economics of education, Gary Becker, human capital, labour economics, labour supply
A Fork-Tailed Devil: The P-38 Lightning
27 Oct 2021 Leave a comment
in defence economics, laws of war, war and peace Tags: World War II
How intangible capital may explain rising labour productivity during recessions
26 Oct 2021 Leave a comment
in applied price theory, business cycles, economic growth, economic history, Edward Prescott, entrepreneurship, financial economics, global financial crisis (GFC), great recession, macroeconomics, monetary economics
“The sharp drop in intangible investment contributes to a decline in actual economic output greater than that measured by official government GDP accounts. This implies that in the actual U.S. economy, true labor productivity declined significantly during the recent recession—a finding consistent with established aggregate theory based on the neoclassical model of economic growth. Thus, McGrattan and Prescott’s experiment solves the labor productivity puzzle by reconciling the apparent mismatch between theory and economic data that show labor productivity bucking the GDP trend. “The addition of intangible capital and non- neutral technology to the model was crucial in accounting for high productivity and low GDP during the period,” they write.”
From https://www.minneapolisfed.org/article/2012/unmeasured-investment
Massive losses, for nothing
26 Oct 2021 Leave a comment
All sorts of items of public spending have attracted attention since March 2020 when the Covid-related spending really began. Some of the things money has been spent on – the wage subsidy for example – were large but necessary and appropriate. Some things, often quite small in scale, were pure waste. Others were dressed up under a Covid label but were really just poor-quality (but quite large scale) spending.
One of the items that has had almost no attention is the huge losses that have resulted from the Reserve Bank’s Large Scale Asset Purchase (LSAP) programme. I guess it is a bit harder to report, since neither the Bank nor the government puts out press releases boasting of losing $4bn or so.
The government has, with no parliamentary authorisation or scrutiny, agreed to idemnify the Reserve Bank for any losses it incurs on the LSAP. That, at least, has the…
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YOU WANNA KNOW THE TRUTH, Nah didn’t think so.
26 Oct 2021 Leave a comment
If the bunch of special needs people assembling at Gleneagles resort for the latest extravaganza for those luminaries who have their snouts well submerged in the swill trough in the name of Climate are so far up their own back passages, no information can reach through their egotistical hypocrisy. You think that is an OTT statement, dwell for one moment on the almost unbelievable moras that surrounds their transport provision for the seventy five Km journey from the airport to their swill trough in the luxury surrounds where another pointless exercise in insanity played out at the after match of the 1977 Commonwealth Heads meeting to solve the ending of apartheid in The Republic of South Africa.
A fleet of Teslas have been purchased to ferry the elites for this latest waste of money but alas there is only one single charging station for those particular vehicles…
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